Michael Saylor’s crypto-driven “volatility engine” continues to fuel investor intrigue—and debate—as rivals struggle to match Strategy’s results
Strategy (MSTR), the largest corporate holder of bitcoin, revealed on Monday that it added another $1.05 billion in bitcoin to its balance sheet, acquiring 10,100 BTC between June 9 and June 15. Despite the massive purchase, shares dipped 0.4% in early trading, even as the S&P 500 rose 1%.
This latest investment brings Strategy’s total bitcoin holdings to over 592,000 BTC, purchased at a cumulative cost nearing $42 billion since the company’s pivot into crypto on August 10, 2020. During that same period, Strategy’s stock has soared by roughly 3,000%—vastly outpacing the S&P 500’s 78% gain.
Chairman Michael Saylor remains steadfast in his vision. “Our plan is buy and hold BTC indefinitely,” he told investors in May. Strategy’s mission, he added, is to “promote global adoption of BTC as a treasury reserve asset.”
While some companies have tried to mirror Strategy’s bitcoin-focused approach using a mix of debt and equity, results have been mixed. GameStop saw its stock drop 10% after announcing a $500 million BTC purchase, while Trump Media fell over 10% following plans to raise $2.5 billion for its own crypto treasury. The inherent volatility of bitcoin remains a critical risk, especially for smaller firms.
Saylor, however, views volatility as an asset. “We have created a volatility engine… a crypto reactor that could run for a long, long period of time,” he said. For options traders, such swings present lucrative opportunities in premium collection.
Whether Strategy’s high-risk crypto bet will continue to outperform the market remains uncertain—but its commitment is anything but.
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